Blackrock, Inc. · NYSE:BLK
Blackrock — Q3 2023 Earnings Presentation
12 slides from Blackrock's earnings presentation, Oct 13, 2023
Slide 1: Q3 2023 Earnings Release Supplement
Q3 2023 Earnings Exhibit 99.2 October 13, 2023 Earnings Release Supplement
Slide 2: A broadly diversified business across clients, products and geographies
Institutional Equity Multi-asset Alternatives Institutional Fixed Income Alternatives Retail Equity Fixed Income Retail ETFs ETFs Active Active ETFs ETFs Index Index Americas Americas EMEA EMEA Asia-Pacific Asia-Pacific Cash Cash Cash Cash 6% Multi-asset A broadly diversified business across clients
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term Institutional Long-term LTM organic asset growth rate (%) LTM organic base fee growth rate (%) LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. LTM organic base fee growth rate is c
Slide 4: Profitability
Profitability ($ in millions, except per share data) For further information and reconciliations to GAAP, see page 10 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as
Slide 5: Capital management
Capital management (amounts in millions, except per share data) (1) Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. Share repurchases and weighted-average diluted shares Share repurchases(1) Weighted-average diluted shares 4 Dividends per share
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates Source: Bloomberg (1) Revenue weighted composite index is calculated by BlackRock to approximate the impact of market fluctuations on BlackRock’s equity base fees. The index is derived from publicly available market indices that represent applicable AUM benchm
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) $211 $59 Q3 2023 compared to Q3 2022 Q3 2023 compared to Q2 2023 6 Percentage Change Year-over-Year Sequential Base fees 4 % 3 % Securities lending revenue 3 % (9) % Performance fees (15) % (41) % Technology services revenue 20 % 13 % Distribution fees (1) % 1 % Adv
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
$150 $70 Q3 2023 compared to Q3 2022 Q3 2023 compared to Q2 2023 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) 7
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) $105 $43 Q3 2023 compared to Q3 2022 Q3 2023 compared to Q2 2023 8 Percentage Change Year-over-Year Sequential Employee comp. & benefits 6 % - % Distribution & servicing costs (2) % 2 % Direct fund expense 11 % 3 % General & administration (1) % 4 % Tot
Slide 10: Alternatives client assets
Alternatives client assets ($ in billions, as of September 30, 2023) Definitions: Client Assets: Alternatives assets at BlackRock across AUM and non-fee paying committed capital Fee Paying AUM: Assets reported in BlackRock’s AUM. Includes both invested capital and committed capital that is fee-payin
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) Beginning in the first quarter of 2023, the Company updated its definition of operating income, as adjusted, operating margin, as adjusted, nonoperating income (expense), as adjusted, and net income, as adjusted, to exclude the compensation
Slide 12: Important notes
Important notes This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-lookin